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Westwood One Reorganizes Executive Management Team
New York - Oct 20, 2008 - Westwood One has reorganized its executive management team. The changes were initiated by the Board to create direct leadership for each of the two core business units -- the radio Network division and the Metro Networks Traffic division -- and a renewed focus on the company's radio business.
In the management reorganization, Westwood One named Rod Sherwood as president of Westwood One. Sherwood joined the company in September 2008 as its chief financial officer, and will also continue in that position. The company also appointed Gary Schonfeld president, Network Division and named Steve Kalin president, Metro Networks Traffic Division.
Sherwood will oversee all operations of the company along with Gary Schonfeld and Steven Kalin and drive the implementation of the company's business plan, including its revenue improvement initiatives and cost re-engineering program; and lead financing discussions to optimize the capital structure.
Prior to joining Westwood One, Sherwood served as chief financial officer, operations of The Gores Group, a private equity firm based in Los Angeles. Sherwood has held other positions Gateway (CFO), Opsware (CFO and head of internal operations), Chrysler and Hughes Electronics Corporation, where he was president and general manager of Spaceway (broadband services) and EVP of DIRECTV International.
Schonfeld co-founded radio network Media America in 1987 and served as its president until its acquisition by Jones Media Group in July 1998, whereupon he became the president of Jones Media America. Schonfeld served in that position until the acquisition of Jones Media Group by Triton Radio Network in June 2008. Prior to founding Media America, he served as vice-president eastern sales region for Westwood One.
Kalin joined Westwood One in July 2008 as chief operating officer. He will directly oversee the operations of the Metro Networks Traffic Division, including the implementation of the recently announced re-engineering plan.
As part of the changes to the executive team, Tom Beusse, Westwood One's current president and chief executive officer, has resigned his position to pursue other opportunities.
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